Nyheter & pressmeddelanden

In light of growing demand in most of Ovako’s customer segments, the company has decided to selectively increase the number of shifts at its steel and rolling mills, thereby increasing the utilization of production capacity.

Over the past ten years Ovako has invested around SEK 300 million in Hofors to address customer demand for heavier and larger rings. The new production process was inaugurated on February 16 by Gävleborg’s County Governor Per Bill and the President of Ovako in Hofors, Carl-Michael Raihle.

Today Ovako announced its fourth quarter and full year results 2016. For the full year, EBITDA before restructuring costs, improved to EUR 57 (48) million and order intake by 6 percent compared to previous year. Ovako’s restructuring program has delivered savings of EUR 23 million on an annual basis. At the end of the year the group had a liquidity buffer of EUR 88 (88) million.

On Monday 13 February 2017, at 07:30 CET, Ovako AB (publ) will publish its report for the full year 2016.

Ovako has extended its Pension Insurance Line and Revolving Credit Facility agreements until end of February 2019.

Ovako has announced today that Phetra Ericsson, currently HR Manager for the Hällefors business unit, has been appointed as the new Executive Vice President HR, Communication & SHE for the Group. She takes over from Karin Lagerstedt Woolford, who will leave the Group at the end of February this year.

Ovako has decided to invest in increased production capacity at its plant in Smedjebacken. The investment is part of the company’s strategy to broaden operations at the plant and relates to a furnace that, together with the recently installed heat treatment capacity, will create coordinated, efficient and flexible production of heat-treated steel in Smedjebacken.

As noted in the Ovako 2015 Annual Report, the tax authority in Finland has sought to limit the deductibility of interest expenses for the years 2010-2013. In light of existing practices for interest deduction in Finland during this period, and after consulting with external tax lawyers, Ovako has previously rejected the tax agency's claim.